American Road & Transportation Builders Association issued the following announcement on July 31.
A series of six new reports find that an April 2017 California law will generate between $9.7 billion and $34.5 billion in economic activity and user benefits in California’s major regions over the next decade. The additional demand, in turn, will support or create tens of thousands of jobs throughout the state—with over half coming in sectors outside of the construction industry.
The extensive analyses, conducted by American Road & Transportation Builders Association (ARTBA) Chief Economist Dr. Alison Premo Black, examine the numerous impacts of Senate Bill 1 (SB 1)—the Road Repair and Accountability Act of 2017—on each of the six major regions in California. The measure included $5 billion annually in new investment for the state’s highways and local streets, bridges and transit systems.
The reports quantify the direct and indirect economic impacts, safety benefits, lower operating costs, reduced congestion, modernized equipment and increased mobility that will result over the 10 years from increased investment in SB 1 in each of the regions.
Among the key findings:
In the San Francisco Bay Area, SB 1 will generate $34.5 billion in economic activity and user benefits over 10 years. This includes $9.8 billion in savings for drivers, transit riders and businesses, and $19.3 billion in economic output. In addition, the increased investment will create or support nearly 12,300 jobs per year, totaling 122,932 job-years over 10 years; these workers will earn $5.4 billion.
In the San Joaquin Valley, SB 1 will generate $20.1 billion in economic activity and user benefits over 10 years. This includes $4.9 billion in savings for drivers, transit riders and businesses, and $11.9 billion in economic output. In addition, the increased investment will create or support over 6,600 jobs per year, or 66,398 job-years over 10 years; these workers will earn $3.2 billion.
In Los Angeles County, SB 1 will generate $29.2 billion in economic activity and user benefits over 10 years. This includes $6.8 billion in savings for drivers, transit riders and businesses, and $18.0 billion in economic output. In addition, the increased investment will create or support over 9,000 jobs per year, totaling 90,161 job-years over 10 years; these workers will earn $4.3 billion.
In the Inland Empire, SB 1 will generate $15.6 billion in economic activity and user benefits over 10 years. This includes $3.3 billion in savings for drivers, transit riders and businesses, and $9.9 billion in economic output. In addition, the increased investment will create or support over 4,900 jobs per year, or 49,598 job-years over 10 years; these workers will earn $2.5 billion.
In San Diego and Imperial Counties, SB 1 will generate $13.8 billion in economic activity and user benefits over 10 years. This includes $3.4 billion in savings for drivers, transit riders and businesses, and $8.1 billion in economic output. In addition, the increased investment will create or support nearly 5,000 jobs per year, totaling 49,455 job-years over 10 years; these workers will earn $2.3 billion.
In Orange County, SB 1 will generate $9.7 billion in economic activity and user benefits over 10 years. This includes $2.3 billion in savings for drivers, transit riders and businesses, and $6 billion in economic output. In addition, the increased investment will create or support over 2,700 jobs per year, totaling 27,537 job-years over 10 years; these workers will earn $1.4 billion.
These regional reports build upon a statewide analysis of the impacts of SB 1 on California, released by ARTBA in February. That report found that the law will generate nearly $183 billion in economic activity and user benefits throughout all sectors of the state’s economy over 10 years. The additional demand, in turn, will support or create an average of over 68,200 jobs per year, adding up to over 682,000 job-years over the next decade. Visit the economics section of www.artba.org to see the key findings of the statewide report.
Original source can be found here.
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